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Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans | 9 Months Ended
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Jun. 27, 2021
Pension Plan [Member] |
Notes to Financial Statements |
Retirement Benefits [Text Block] |
6 | PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS
We have several noncontributory defined benefit pension plans that together cover selected employees, including plans established under collective bargaining agreements. Our liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations. Plan assets consist primarily of domestic and foreign corporate equity securities, government and corporate bonds, hedge fund investments and cash. We provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. Our liability and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations. We accrue postemployment disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid. With the exception of defined benefit plans acquired in the Transactions as defined in Note 7, effective in 2012, substantially all benefits are frozen. Our liability and related expenses for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations. Plan assets consist primarily of domestic and foreign corporate equity securities, government and corporate bonds, hedge fund investments and cash. During the 13 weeks ended December 27, 2020 we notified certain participants in our post-employment benefit plans of changes to be made to the plans, including elimination of coverage for certain participants. The changes resulted in a non-cash curtailment gain of $23,830,000 and a reduction in our benefit obligation liability by $23,830,000. This is recorded within Curtailment gain and Postretirement and postemployment benefit obligations. We use a fiscal year end measurement date for all of our Pension and postretirement medical plan obligations. The net periodic pension and postretirement cost (benefit) components for our plans are as follows:
PENSION PLANS |  | 13 Weeks Ended |  |  | 39 Weeks Ended |
|  | June 27, |  |  | June 28, |  |  | June 27, |  |  | June 28, |
(Thousands of Dollars) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Service cost for benefits earned during the period |  |  | 633 |  |  |  | 626 |  |  |  | 1,899 |  |  |  | 737 |
Interest cost on projected benefit obligation |  |  | 1,787 |  |  |  | 2,462 |  |  |  | 5,361 |  |  |  | 5,113 |
Expected return on plan assets |  |  | (4,672 | ) |  |  | (4,356 | ) |  |  | (14,016 | ) |  |  | (8,628 | )
Amortization of net loss |  |  | 1,004 |  |  |  | 792 |  |  |  | 3,013 |  |  |  | 2,376 |
Amortization of prior service benefit |  |  | — |  |  |  | (2 | ) |  |  | (1 | ) |  |  | (6 | )
Pension benefit |  |  | (1,248 | ) |  |  | (478 | ) |  |  | (3,744 | ) |  |  | (408 | )
POSTRETIREMENT MEDICAL PLANS |  | 13 Weeks Ended |  |  | 39 Weeks Ended |
|  | June 27, |  |  | June 28, |  |  | June 27, |  |  | June 28, |
(Thousands of Dollars) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Service cost for benefits earned during the period |  |  | 240 |  |  |  | 232 |  |  |  | 690 |  |  |  | 268 |
Interest cost on projected benefit obligation |  |  | 239 |  |  |  | 346 |  |  |  | 601 |  |  |  | 523 |
Expected return on plan assets |  |  | (252 | ) |  |  | (265 | ) |  |  | (756 | ) |  |  | (795 | )
Amortization of net gain |  |  | (172 | ) |  |  | (186 | ) |  |  | (516 | ) |  |  | (558 | )
Amortization of prior service benefit |  |  | (162 | ) |  |  | (161 | ) |  |  | (485 | ) |  |  | (483 | )
Curtailment gain |  |  | — |  |  |  | — |  |  |  | (23,830 | ) |  |  | — |
Postretirement medical benefit |  |  | (107 | ) |  |  | (34 | ) |  |  | (24,296 | ) |  |  | (1,045 | )
In the 39 weeks ended June 27, 2021 we contributed $965,000 to our pension plans. In March 2021, The American Rescue Plan Act was signed into law. Among other things, the law changed how companies compute minimum required pension contributions. As a result we expect to make no additional contributions to our pension trust during the remainder of fiscal 2021. Multiemployer Pension Plans During the 13 weeks ended December 27, 2020, we withdrew from a multiemployer pension plan and recorded a $12,310,000 liability reflecting an estimate of the withdrawal from the fund. The withdrawal liability is recorded in Warrants and other and the expense is included within Pension withdrawal cost. The liability will be paid over 20 years.

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